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PERCY’S TRIAL BALANCE AT 30.9.2011 INCLUDED: • TRADE RECEIVABLES £62,000 • DOUBTFUL DEBT PROVISION £6,000 • TRADE RECEIVABLES INCLUDE £12,000 DEBTS WHICH HAVE NOW BECOME IRRECOVERABLE • ONE OF THESE DEBTS AMOUNTING TO £2,000 HAD BEEN PROVIDED FOR LAST YEAR • JAMES ESTIMATES THE DOUBTFUL DEBT PROVISION AT 30.9.11 AT £8,000 REQUIRED: • LIST THE FINAL ADJUSTMENTS IN JOURNAL FORM • CALCULATE THE BALANCE OF TRADE RECEIVABLES AT THE YEAR END • SHOW HOW THESE ITEMS WOULD APPEAR IN THE 2011 INCOME STATEMENT & BALANCE SHEET
TRADE RECEIVABLES PER TRIAL BALANCE 62 WRITTEN-OFF (12) 50
DISCLOSURE INCOME STATEMENT EXPENSES: BAD & DOUBTFUL DEBTS [10 + 4] 14 BALANCE SHEET CURRENT ASSETS: TRADE RECEIVABLES 50 DOUBTFUL DEBT PROVISION (8) 42
FINAL ADJUSTMENTS DR CR TRADE RECEIVABLES 12 BAD & DOUBTFUL DEBTS 10 DOUBTFUL DEBT PROVISION 2 Writing off irrecoverable bad debts. Doubtful debts provision now stands £4K [6-2]. It needs to be increased to £8K: BAD & DOUBTFUL DEBTS 4 DOUBTFUL DEBT PROVISION 4
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